Finance Deputy Minister of South Korea Concerned About Cryptocurrencies

May 3, 2018

During his speech at the InterContinental Seoul conference Finance Deputy Minister Kim Yong-jin expressed his discontent with huge popularity growth of crypto market and called digital currencies a hazardous threat to traditional financial system:

“Cryptocurrencies like Bitcoin and Ethereum, which led an investment and speculative bubble earlier this year, have stabilized and are leading both the authorities and investors to question the foundation of the fiat system. The central bank should consider the emergence of alternative payment methods such as cryptocurrencies as a threat to the existence of the traditional fiat system.”

Remember that in December last year South Korea’s Minister for Finance and Strategy Kim Dong-yeon said the country’s government studies options for regulating digital currencies and introducing taxation for crypto users. In February this year he also claimed, the authorities do not plan banning crypto trading within the country.